Thailand’s Digital Economy and Society Minister Prasert Chantararuangthong has expressed strong support for a proposal that would require commercial banks to share financial responsibility when customers’ accounts are hacked. This move could mark a significant shift in how financial losses from online scams are managed.
On September 17, 2024, during a contentious debate in the House of Representatives, Prasert, who also holds the position of Deputy Prime Minister, endorsed the proposal put forward by opposition MP Wiroj Lakkhanaadisorn of the People’s Party. Wiroj’s proposal argues that banks should not be exempt from responsibility when criminal gangs exploit their customers’ accounts through call centers and other methods.
Wiroj stated, “Why should banks get a free pass? It’s time they bear some of the blame.” He advocates for a regulatory change that would compel Thailand’s central bank to mandate that commercial banks share in the financial losses suffered by victims of online scams.
Prasert confirmed that he plans to bring this issue to the forefront during the next meeting of the Anti-Online Scam Operation Centre (AOC). Established in 2023, the AOC aims to tackle the increasing frequency of online fraud and operates out of the National Telecom Plc’s headquarters in Bangkok. The AOC has been criticized for not effectively curbing the problem, prompting Wiroj to suggest that National Telecom should also bear some financial responsibility for the ongoing scams.
While Prasert supports the idea of holding banks accountable, he emphasized the need for thorough deliberation to determine the most appropriate course of action. Additionally, he addressed Wiroj’s suggestion of delaying fund transfers to scammers. Prasert noted that the AOC is collaborating with the Bank of Thailand (BoT) to strengthen security measures. Improvements are underway to enhance the protection of bank accounts, as reported by The Nation.
The proposal and its implications are expected to be a key topic of discussion at the upcoming AOC meeting, as stakeholders seek to address the growing threat of online financial fraud.
